Dennis & Peter's Story

First home buyers.

Dennis and Peter came to us with $200,000 in their SMSF account. They were both on decent incomes. And they wanted to purchase a property.

Simple right? The issue here was that one of the applicants had a number of “blemishes” on his Veda Report.

Neither of them had owned property before, so this was a whole new experience for them. We worked with a number of lenders before finally getting one to take on the loan.

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The Breakdown

Here’s what we started with…

SMSF Starting Balance - $200,000
Peter's Income - $165,000 pa
Dennis's Income - $60,000 pa
Age of Applicants – 38 and 40 years old

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And here’s how it finished…

Qld Property Price - $425,000 (3 bed / 2 bath / 1 car townhouse)
Loan Amount - $280,000
Deposit Required - $145,000
Costs - $25,000 (Stamp Duty / Conveyancer / Lender)

Total out of SMSF = $170,000

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The Outcome

They still had $30,000 left in their Super Fund after the purchase.

We worked with Superannuation Warehouse who set up the Super Fund. And RWE who found the right property.

The rent and Dennis and Peter's continuing Employer Super Contributions will more than service the loan repayments. All costs including rates and strata etc will always come from their SMSF account.

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